Learn about SUI

SUI in short: how it works, the ecosystem, and the main milestones. The timeline below runs from the start to today, plus what's next. For live price, chart, technical analysis, and tools, use the main nav or the homepage.

How SUI works

Sui is a layer‑1 blockchain built around objects instead of accounts. Every asset or piece of state is an object with a unique ID. Transactions specify which objects they touch, so the network can run independent transactions in parallel—no global bottleneck. That’s why Sui can scale throughput without blowing up hardware requirements.

Smart contracts are written in Move, a language originally designed for the Diem project. Move is resource‑oriented and prevents copying or dropping assets by mistake, which helps avoid whole classes of bugs. Sui’s Move dialect adds object ownership and native features for dynamic fields and events.

Consensus is provided by Narwhal (DAG‑based mempool) and Bullshark (or Mysticeti in newer versions), so validators agree on order and execution. Mysticeti cut latency sharply (e.g. sub‑second finality targets), and Sui keeps gas costs low and predictable.

Ecosystem and use cases

Sui’s ecosystem spans DeFi, gaming, NFTs, and consumer apps. DeepBook is the native central limit order book and liquidity layer. zkLogin lets users sign in with Google, Twitch, or other OAuth providers without a wallet first, which simplifies onboarding. Sponsored transactions allow apps to pay gas for users.

Use cases include high‑frequency trading and gaming (object‑centric model and parallel execution fit well), NFT and creator platforms, and institutional flows. Total value locked (TVL) and transaction counts have grown quickly since mainnet, with a strong emphasis on real usage and sustainable economics.

SUI tokenomics

SUI is the native token. It’s used for gas (transaction fees), staking (delegating to validators to secure the network and earn rewards), and governance (voting on protocol upgrades and parameters). A portion of the supply was distributed at mainnet; the rest is released over time according to the published schedule. Staking rewards and fee mechanics are designed to align long‑term security with usage.

Did you know?

Object-centric

Sui uses objects as the core primitive; parallel execution for high throughput.

Move language

Smart contracts are written in Move, designed for safety and verifiability.

Mainnet

Sui mainnet launched May 3, 2023. SUI is used for gas, staking, and governance.

Timeline: from start to present and beyond

Key milestones in SUI’s history, plus planned upgrades.

2021

Mysten Labs founded

Team leaves Meta to build web3 infrastructure from first principles; work on Sui begins.

March 2022

Sui announced

Sui is announced as a permissionless Layer 1 for the next billion web3 users.

May 2022

DevNet launch

Sui DevNet goes public; early developers can build and test.

November 2022

Testnet Wave 1

First testnet with external validators; over 28,000 applications for 20 slots.

January 2023

Testnet Wave 2

36.5 million transactions on testnet; programmable transaction blocks and sponsored transactions.

March 2023

Permanent Testnet

Long-running decentralized testnet; new features for builders.

May 3, 2023

Mainnet launch

Sui mainnet goes live with 100+ validators and 400+ nodes. Public chain is live.

July 2023

DeepBook & scale

DeepBook (native liquidity layer) launches. 1M+ active accounts; 65M transactions in a single day (record at the time).

September 2023

zkLogin

zkLogin primitive launches: sign in with Google, Twitch, etc., without a wallet first.

2024

Growth & Mysticeti

$500M+ TVL, top‑10 by TVL; Mysticeti consensus cuts latency ~80% (e.g. to ~400 ms). Billions of transactions, millions of accounts.

2025

Ecosystem & adoption

TVL and usage grow; institutional products (e.g. Grayscale, ETFs) and developer activity expand. Focus on production-ready apps at scale.

2026 (planned)

Privacy, Mysticeti V2, interoperability

Protocol-level privacy (quantum-resistant crypto, MiCA-aligned). Mysticeti V2 for sub-second finality. Move VM 2.0 and gas reductions. Trustless Ethereum bridge and cross-chain expansion. SuiNS and continued ecosystem funding.

Frequently asked questions

SUI is the native token of the Sui blockchain, a layer‑1 network launched in May 2023. Sui was built by Mysten Labs (founders from Meta’s Diem project) and uses an object‑centric model and the Move language. SUI is used to pay for transaction fees (gas), to stake with validators for rewards, and to participate in governance. The Sui network is designed for high throughput and low latency, with parallel execution and sub‑second finality via the Mysticeti consensus upgrade.

You can buy SUI on major centralized exchanges (e.g. Binance, Coinbase, Kraken) and on decentralized exchanges (DEXs) on Sui. To store SUI you need a wallet that supports the Sui network: Sui Wallet (official), Ethos, Martian, and others. Never share your seed phrase or private keys. For large amounts, consider a hardware wallet if your wallet app supports it.

Move is a programming language designed for safe, resource‑oriented smart contracts. It was created for the Diem (Libra) project and prevents many common bugs: assets can’t be copied or dropped by mistake, and ownership is explicit. Sui’s version of Move adds object primitives and features tailored to Sui’s data model. This makes it easier to write secure DeFi, games, and NFT logic and to verify code formally.

On Sui, state is represented by objects: each has a unique ID and an owner (an address, another object, or “shared”). Coins, NFTs, and app state are all objects. Transactions specify which objects they read or modify. Because unrelated transactions touch different objects, the network can execute them in parallel instead of one global queue. That’s how Sui scales throughput while keeping latency and gas low.

You delegate SUI to one or more validators who run the network. In return you earn staking rewards (new SUI and a share of fees) according to the protocol’s reward schedule. You can stake via the Sui Wallet or other supported wallets and choose validators based on commission and reliability. Unstaking has a cooldown period before SUI is liquid again. Staking helps secure the network and can reduce circulating supply pressure over time.

zkLogin lets users sign into Sui apps using existing logins (e.g. Google, Twitch, Facebook) without installing a wallet or writing down a seed phrase first. Under the hood, your OAuth identity is linked to a Sui address via zero‑knowledge proofs, so the provider doesn’t learn your on‑chain address. It’s a key feature for bringing mainstream users into games and apps on Sui without the usual Web3 onboarding friction.

DeepBook is Sui’s native central limit order book (CLOB) and liquidity layer. It provides on‑chain order books for spot trading with low latency and is used by many Sui DeFi apps as the base liquidity venue. DeepBook is part of the core Sui ecosystem and aims to make Sui a strong venue for trading and market‑making with transparent, on‑chain order books.

Sui was created by Mysten Labs, a company founded in 2021 by former Meta (Diem/Novi) team members. The Sui mainnet launched in May 2023 with over 100 validators and has since grown. Validators are permissionless and anyone can run a full node. Governance and upgrades are driven by SUI stakers and the community. Mysten Labs remains a major contributor but the network is designed to be decentralized and validator‑operated.

Sui gas fees are generally low and predictable. You pay in SUI for computation and storage. The network uses a gas price that can adjust with demand, but parallel execution and efficient design keep typical fees small compared to many Ethereum L1 transactions. Sponsored transactions allow apps to pay gas for users. Move VM 2.0 and other upgrades aim to reduce gas costs further (e.g. significant percentage reductions in planned upgrades).

Planned upgrades include: Privacy—protocol‑level confidentiality with quantum‑resistant crypto and MiCA‑aligned design; Mysticeti V2—sub‑second finality; Move VM 2.0—gas reductions and performance; Ethereum bridge—trustless interoperability with Ethereum; and SuiNS and ecosystem funds. The focus is moving from infrastructure to production‑ready apps and real user adoption at scale.

For live price, charts, and tools, use the chart and tools pages.